IT spending in India 2013-2024, by segment
In 2023, the spending in the information technology sector across India was above 112.55 billion U.S. dollars. It was projected that in 2024, the IT spending of India would reach more than 124.6 billion dollars. The IT-BPM industry contributed about 7.5 percent to the GDP of the nation. The industry also generated a revenue close to 227 billion dollars in financial year 2022. Communication services and the devices have been the dominant segments of the IT industry. The IT and ITeS firms of the country have set up over a thousand global delivery centers in about 80 countries globally.
IT-BPM at a glance
The industry has generated maximum employment in the private sector. It also made the country, the leading offshoring destination for global IT companies. Major IT firms in the country like Infosys, Wipro, TCS and Tech Mahindra have diversified options available in blockchain, artificial intelligence, robotics, financial services, cloud computing and much more. Banking and financial services had the largest share of annual contract value in the industry.
Recent trends
Public cloud services have picked up a lot of attention in the recent years in the country. The market for cloud services was value at over six billion dollars in 2022. Artificial intelligence (AI) has also attracted a lot of attentions. In 2022, the investment in AI has reached 3.24 billion dollars in the country. Emerging technologies in the sector could provide the nation with an opportunity to surf for a big growth, both in onshore as well as offshore services revenues.